Public Goods and Free Riders- Micro 6.1

Mr. Clifford introduces public goods, discussing a political statement by President Obama and its implications. He explains the characteristics of public goods, such as non-exclusion and shared consumption, and why the free market doesn't produce them due to the free-rider problem. The video highlights the balance between government and free-market roles in providing public goods.

Discuss the debate between Democrats and Republicans regarding public goods as mentioned in the text.

What are the two main characteristics that define a public good?

Explain the concept of non-exclusion in the context of public goods.

How does shared consumption relate to public goods?

What is the free-rider problem and how does it affect the production of public goods?